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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Asian stocks soar on US Fed rate cut AFP - 1 hour 22 minutes ago TOKYO (AFP) - - An interest rate cut by the US Federal Reserve and its announcement of multi-billion-dollar currency swaps sent Asian stocks soaring Thursday as signs emerged of a thaw in world credit markets. The US central bank Wednesday sliced its key rate by 50 basis points to 1.0 percent -- the second cut this month -- to stimulate the world's biggest economy amid the worst global economic crisis since the Great Depression. Asian shares rebounded sharply, extending gains made on Wednesday, in the wake of the cut and the Fed's currency swap deal with central banks in Brazil, Mexico, South Korea and Singapore to help them tackle the credit squeeze. Japan's Nikkei rose 6.11 in early afternoon trade, extending a rebound into a third day, while stocks in South Korea leapt 11 percent by late morning. Shares rose 8.5 percent in Hong Kong and 5.05 percent in Singapore. Shanghai was up 1.16 percent after China's central bank also cut key interest rates on Wednesday in a bid to spur economic growth, the third such move in six weeks. But analysts said markets could struggle to sustain the recovery -- after weeks of sharp falls -- given fears of a global recession. "We believe the recent rise in stock prices is still only in the nature of an autonomous rebound," Ichikawa told Dow Jones Newswires. The rebounds came as Japan 's Prime Minister Taro Aso was set Thursday to unveil a new multi-billion-dollar package to help Asia's largest economy weather the global economic crisis as he puts off high-risk elections. South Korea's parliament approved a plan to extend state guarantees worth up to 100 billion dollars on foreign borrowing by local banks, in a move intended to stabilise turbulent financial markets. Analysts said an unusually bleak assessment of the economy from the US Federal Reserve suggested there could be further rate cuts as the central bank battles to revive economic growth and stave off the threat of deflation. The latest move followed an emergency half-point cut on October 8 coordinated with other central banks to help fight a worldwide credit crunch. "The pace of economic activity appears to have slowed markedly, owing importantly to a decline in consumer expenditures," said the Federal Open Market Committee headed by chairman Ben Bernanke after the unanimous decision. China on Wednesday chopped its benchmark one-year deposit rate by 27 basis points to 3.60 in a bid to spur economic growth. Taiwan 's central bank followed suit on Thursday, lopping 25 basis points off its key lending rate, while Hong Kong cut its rate 0.50 percent to 1.5 percent. Japan's central bank is also reportedly considering reducing its super-low interest rates to just 0.25 percent this week. But the concern is that the central bank moves will come too late to prevent a severe worldwide economic downturn. "There is little to suggest that cuts will be able to moderate the pace of global economic deterioration," said analysts at UBS. The International Monetary Fund created a new short-term liquidity facility for countries battered by the crisis. The IMF executive board said the emergency tool was "to establish quick-disbursing financing for countries with strong economic policies that are facing temporary liquidity problems in the global capital markets." "Exceptional times call for an exceptional response," IMF head Dominique Strauss-Kahn said. The US Fed announced its own temporary "swap" facilities with central banks in Brazil, Mexico, South Korea and Singapore. Each would be provided up to 30 billion dollars in liquidity, it said, "in response to the heightened stress associated with the global financial turmoil, which has broadened to emerging market economies." On Wednesday stocks ended lower on Wall Street, with the Dow off 0.85 percent and the S&P 500 lower by 1.11 percent, as traders had mostly already priced in the Fed's rate cut and because the bank's statement lacked positive news. In Europe London's FTSE 100 index rose 8.05 percent and the CAC in Paris gained 9.23 percent. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Mitsubishi Electric lowers profit forecastAFP - 1 hour 11 minutes ago South Korean stocks rise 11.95 percent, won surgesAP - 1 hour 18 minutes ago Credit crisis delays IPO for Bangladesh's GrameenphoneAFP - 1 hour 21 minutes ago Asian stocks soar on US Fed rate cutAFP - 1 hour 22 minutes ago Hitachi swings to H1 profit but cuts outlookReuters - 1 hour 26 minutes ago Enlarge Photo Asian stocks soar on US Fed rate cut Most Popular – Business Viewed When men see red, they see hot: study World's fattest man weds friend's widow Obama set for prime-time appeal to voters Global financial woes hit China's 800 million farmers: state media Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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